Banque National Canada

Quebec-based Banque Canadienne Nationale was a bank. Founded in 1924, when the Banque d’Hochelaga merged with the Banque Nationale, it operated until 1979, when it became part of the National Bank of Canada.

The Banque Nationale was founded in Quebec City in 1859 by several prominent Quebecers.

In 1924, the Banque Nationale, which was struggling financially in the midst of a recession, merged with the Banque d’Hochelaga (founded in Montreal in 1874) to create the Banque Canadienne Nationale (BCN, Canadian National Bank). To facilitate the merger, Alexandre Taschereau, the Quebec provincial government, issued $15 million in bonds.

Until the Bank of Canada Act of 1934, when the Bank of Canada was created, BCN issued its own paper currency.

As part of a license from BankAmericard, Banque Canadienne Nationale formed CHARGEX Ltd. in 1968, providing Canada with its first interbank credit card.

Banque Canadienne Nationale and the Provincial Bank of Canada (Banque Provinciale du Canada), another Quebec-based bank, merged in 1979 to form the National Bank of Canada.

Be the first to comment

Leave a Reply

Your email address will not be published.